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r <br />I <br />I <br />I <br />CITY OF ORONO <br />Schedule of Findings and Questioned Cost <br />Year Ended December 31. 1995 <br />This schedule summarizes findings and recommendations relating to compliance with Minnesota Statutes <br />and requirements applicable to federal programs. The auditor. Malloy. Montague. Kamowski. Radosevich <br />& Co., P.A.. is responsible for providing the information under the heading 'Finding and Questioned <br />Cost." The City of Orono is responsible for providing the information under the heading "Corrective <br />Action Plan (CAP)." <br />FINDING AND QUESTIONED COST <br />1. Program/! .aw <br />Minnesota Statutes § 475.66 <br />2. Finding <br />Minnesota Statutes § 475.66 requires that the City receive a written broker acknowledgment <br />certification prior to investment transactions occurring. The City did not receive such a statement <br />from one of the investment companies it utilized during 1995. <br />3. Type of Finding <br />This is a current year finding <br />4. Questioned Cost <br />None <br />CORRECTIVE ACTION PLAN (CAP) <br />1. Explanation of Disagreement With Audit Finding <br />There is no disagreement with the audit finding. <br />2. Actions Planned in Response to Finding <br />The City will ensure that a broker certificate is received covering all investments, <br />3. Official Responsible for Ensuring CAP <br />Thomas Kuehn, Finance Director. <br />4. Planned Completion Date for CAP <br />The City will complete the CAP during fiscal 19%. <br />5. Plan to Monitor Completion of CAP <br />The City will continue to update the broker certificates as needed <br />-132-